How to Choose the Best Critical Illness Insurance Plan?


Are you planning to purchase additional insurance coverage for life-threatening ailments when you already have a comprehensive health plan or group coverage through your employer? Is it necessary for an individual to buy another policy and clutter their portfolio in this case?


“Yes, with trauma insurance (also known as critical illness insurance) from Aspect Underwriting, you can receive additional coverage against critical medical issues such as heart attacks, strokes, or some cancers.”


An emergency medical situation or illness often incurs higher medical costs, which is where your trauma insurance policy can pay out a lump sum of cash to cover any overruns that traditional health insurance may not be able to cover. A relatively low cost is associated with these policies; however, they do only cover specific, listed illnesses and emergencies.

Nonetheless, you will spend a lot of money on hospitalisation, treatment, medications and specialist fees. So, where can you turn for help in this situation? The answer is to choose a comprehensive trauma insurance policy that will protect your finances. Choosing the right trauma insurance policy is very important.

Here are a few tips to consider when purchasing critical illness insurance:


Research the Trauma Insurance Plan

First, you will need to research insurers and look specifically at their trauma insurance plans (sometimes they will refer to this type of insurance as critical illness insurance, so keep your eye out for that). Generally, after submitting your diagnosis to your insurance company, you receive a lump sum amount. Then you can use the sum as you see fit but usually, it’s to pay for treatment, hospitalisation, medicine, and specialist fees. Since the guaranteed lump sum is defined, you should determine a suitable sum insured before you purchase the insurance.  


You need to carefully consider your needs when selecting what critical illness insurance policy is right for you.



Aim For Maximum Coverage

Look for the insurance provider that provides the best trauma insurance coverage when browsing the market. An ideal trauma policy covers a strong list of serious illnesses.


Verify Age

When choosing a trauma insurance policy for yourself or a loved one, you should also check the maximum renewal age. Some insurance providers offer trauma insurance plans up to a specific age limit, and some plans do not extend beyond 60 years. Trauma (critical illness) insurance policies offered by Aspect Underwriting can give coverage up to the age of 65.


Check Exclusions

It is important to check the exclusions of the insurance company before purchasing trauma insurance. Discover what conditions are not covered by their specific trauma insurance plans. You should choose a trauma insurance policy that offers maximum coverage with minimal exclusions.


Premium Amount

A premium is an amount you must pay to the insurer to be covered. Alternatively, you can use the online insurance premium calculator on Aspect Underwriting’s official website. This way, you can choose a plan that is right for you and your financial situation.

Medical emergencies can come out of nowhere, and life can be unpredictable. Therefore, trauma insurance plans make sense in the long run. As a result, you will not feel the pinch in case of this type of medical emergency. It is advisable to choose a critical illness policy from a reputable insurance provider, such as Aspect Underwriting.

Mike Wallis

Mike has over 25 years experience, having spent his first seven years working as a Broker at Jardine Lloyd Thomson in Melbourne and in 2002 was transferred to JLT’s Accident and Health Department in London. For four years (2002 – 2005) Mike was a specialist A&H Lloyd’s Broker and during this time developed excellent relationships with the Lloyd’s A&H underwriting fraternity. In 2006 he returned to Australia in a senior broking position with overall responsibility for Placement Strategy, including the implementation of underwriting facilities and the various authorities granted by Lloyd’s. Mike was the underwriter at two specialist Underwriting Agencies prior to founding Aspect Underwriting in 2016.